LOS ANGELES, July 25, 2016 /PRNewswire/ — Life as a millennial is expensive. Starbucks runs, Uber trips, new iPhones — millennials have to factor in all of these costs in their budgets as well as the cost of their basic needs, such as rent, utilities, groceries and more.
As the saying goes, “Time is money.” But how much time does it cost to pay for millennials’ “essential” expenses?
Using the standard 40-hour workweek, GOBankingRates calculated how many work hours one would need to work to afford 28 “essential” expenses millennials face in 2016.
Some of our favorite highlights include:
Other Miscellaneous “Essentials”:
“While many millennials fork over half of their income – or more – per month for rent and other bills, there is always a band concert or iPhone upgrade looming in the distance,” said Kristen Bonner, lead research on the GOBankingRates study. “We hope that our study findings will put into perspective the true costs associated with being a young adult today, and help millennials struggling with a budget to realize that some of those ‘essentials’ might just not be worth it.”
Methodology: GOBankingRates took the median weekly earnings for people ages 16 to 34 ($619.50) and divided this number by 40 to calculate the median hourly earnings of those individuals ($15.49). The cost of the item was then divided by $15.49 to find the number of work hours necessary to afford the item.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement, and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
Katie Johnston, Media Relations